A wave of layoffs will hit the IT industry. Analysts from Imperia Structures review that this event can badly affect the realty sales across IT hubs such as Bengaluru, Hyderabad, Navi Mumbai, Gurgaon and Pune. The IT industry is considered the backbone of Bengaluru and Pune since it creates jobs and generates office and real estate demands. The ‘happening’ will significantly push down the state economy as well.
Mid-level employees who have an experience of more than five years and earn around Rs 20-60 lakh per annum are important for the real estate developers. It’s this exact bracket that’ll feel the heat of losing their jobs. Most of these employees have saved a lot of resources to invest in realty. Their choice leans more towards the mid-premium housing projects that are quite cost-effective and attractive. Now, this meltdown might prove to be a big blow for the real estate developers.
The mild recession in the Indian IT industry over the last few years is driving down the luxury sales. Only the homes conveniently priced for the middle-income group are free from this problem. Luckily, a few of the government’s schemes might change the scenario. One of the center’s plans is to provide affordable housing to the Indian population.
The RERA Act and GST are making an entry into the real estate sector. The Imperia Structures analysts reviews that GST will reduce the price of input materials and remove double taxation. This means low realty prices. RERA will bring back the trust of the people in real estate developers by introducing transparency into the system. Both of these will surely bring down the prices of residential and commercial properties in a healthy way without any repercussions.
Imperia Structures is a New Delhi based real estate development organization. To know more about them, you can visit their website here.